India targetting $500 billion export for 2022-23 fiscal
New Delhi/IBNS: India has changed its outlook on world trade owing to the challenges and possibilities presented by the Covid-19 pandemic and amid the changing scenario the country has set up a target of $500 billion exports for 2022-23 fiscal, a top government official has said.
Noting that the exports in December 2021 stood at $37.8 billion, the highest-ever for any month, Additional DGFT Amiya Chandra said in a webinar organised by Bengal Chambers on Friday said the country is moving on the right track to touch $400 billion for the current fiscal.
In the first nine months of the financial year, India's exports stood at $301.38 billion and the target of $400 billion was achievable.
Though the predictions of a sharp decline in foreign trade amid Covid-19 did not prove to be true, the pandemic has taught the country to reimagine world trade, he said.
The Directorate General of Foreign Trade official pointed out several changes in international trade.
Now, South East Asia plays a decisive role in comparison to the past when Europe and the United States had that advantage.
Further, bilateral trade agreements are fast replacing multilateral trade agreements, he underscored adding that India is in the process of signing six FTAs.